Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Memorandum accounts of consolidated groups - Branch equivalent tax credits of consolidated BETA groups

OP 102: Consolidated BETA remaining debit balances

You could also call this:

“Outdated rule about tax credits for company groups' overseas branches”

You don’t need to worry about this part of the law anymore. It used to be about how groups of companies dealt with some tax credits related to their overseas branches, but it’s not used now. The government removed this rule in 2011, and it hasn’t been in effect since April 2008. This means that if you’re looking at your taxes from 2008 onwards, you don’t need to think about this rule at all.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519665.

Topics:

Money and consumer rights > Taxes

OP 101: Consolidated BETA payment of income tax, or

“Payment of income tax using Branch Equivalent Tax Account for company groups is no longer allowed”

OP 103: Consolidated BETA refund of FDP, or

“Refund of foreign dividend payments for consolidated groups no longer applies”

Part O Memorandum accounts
Memorandum accounts of consolidated groups: Branch equivalent tax credits of consolidated BETA groups

OP 102Consolidated BETA remaining debit balances (Repealed)

Notes

Section OP 102: repealed (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 120(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).